UAE-Montenegro Joint Economic Committee concludes first meet

WAM ABU DHABI: The first meeting of the UAE-Montenegro Joint Economic Committee, which has been concluded in Podgorica, the capital of Montenegro, focused on laying the foundations for a new start of economic relations between the two countries, in trade, agriculture, investment, food industries, transport, tourism and SMEs in particular.

The meeting was co-chaired by the UAE Minister of Economy, Sultan Saeed Al Mansouri, and Montenegro Minister of Economy, Vladimir Kavaric.

A framework for economic cooperation between the two countries was discussed, and targeted sectors and investment opportunities were identified.

The two sides drew up procedures for following up on the outcome and the resolutions of the committee’s first meeting.

Minister Al Mansouri said the meeting was an important milestone in the progress towards enhancing the growing relations between the UAE and Montenegro.

Describing cooperation with Montenegro as promising, the minister emphasised the UAE’s interest in promoting relations with Montenegro to higher levels as efforts were focused at the meeting on increasing trade and the flow of investments to both countries, and on overcoming any barriers to these efforts.

He noted that the UAE was able to diversify its economy, reduce dependence on oil and make use of its oil resources to bolster this economic policy through building state-of-the-art infrastructure facilities and efficiently address global economic changes.

The two sides agreed, among other things, on exchanging visits, organising forums, workshops and trade shows to promote investment opportunities in the UAE and Montenegro.

Economic cooperation between the UAE and Montenegro will be based on the agreement which the they signed on 26 March 2012. The said agreement on the protection and promotion of mutual investments provides for a solid institutional framework for launching trade initiatives and joint projects.

They also emphasised the need for supporting the role of the private sector in promoting economic relations between the two countries, to support small and medium size enterprises (SMEs), to organise a UAE business forum in Montenegro this year and to encourage foreign investments.

The two sides also emphasised the importance of launching regular and direct flights between the UAE and Montenegro. They expressed their interest in cooperation on energy, oil and gas exploration, renewable energy. They urged companies to initiate cooperation on hydroelectric projects, and on solar, thermal and wind energy resources in order to secure power supplies, protect the environment and sustainable development.